How do I report a financial gift to me from a land sale? is it a capital gain if I didn't own the land but the family did.
02195
2 Replies
DoninGA
Level 15
Apr 16, 2022 8:39:07 AM
A gift of cash is not reported on a tax return.
ErnieS0
Expert Alumni
Apr 16, 2022 8:45:38 AM
Gifts are not taxable to the recipient as esteemed Tax Champ @DoninGA states. The giver may have to pay a gift tax – or at least file a gift tax return.